Option Care Health (OPCH) FY2021 results: revenue $3.4 billion, up 13.4% on the year

Option Care Health, Inc. (OPCH) reported revenue of $3.4 billion for fiscal 2021, the year ended 31 December 2021, up 13.4% on the year before. Net income was $140 million, and diluted earnings per share $0.77. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$3.4 billion

+13.4% on the year

FY2009FY2021

Operating margin

5.5%

3.7% a year earlier

FY2009FY2021

Net income

$140 million

FY2009FY2021

Diluted EPS

$0.77

FY2009FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	3,439	3,033	2,310	+13.4%
Cost of revenue	2,659	2,350	1,797	+13.1%
Gross profit	780	682	513	+14.3%
Gross margin	22.7%	22.5%	22.2%
Selling, general and administrative	526	500	460	+5.1%
Operating income	191	111	-0.3	+72.3%
Operating margin	5.5%	3.7%	-0.0%
Interest expense	67.0	108	73.7	-37.8%
Pre-tax income	116	-5.2	-78.2
Income tax	-23.4	2.8	-2.3
Effective tax rate	-20.1%	n/a	n/a
Net income	140	-8.1	-75.9
Net margin	4.1%	-0.3%	-3.3%
Diluted EPS	$0.77	-$0.04	-$0.49

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	209	127	39.5	+63.7%
Capital expenditure	25.6	26.9	28.3	-4.6%
Free cash flow	183	101	11.2	+82.0%
Free cash flow margin	5.3%	3.3%	0.5%
Cash from investing	-112	-26.3	-728
Cash from financing	-76.9	-68.8	719
Depreciation and amortisation	63.1	71.3	53.7	-11.6%
Share-based compensation	9.6	2.9	4.2	+227.9%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	181m	181m	156m	+0.1%
Shares outstanding at period end	180m	180m	177m	+0.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,176	1,016	907	+15.8%
Debt	1,066	1,124	1,286	-5.2%
Operating lease liabilities	74.5	70.8	58.2	+5.3%
Other liabilities	475	437	338	+8.7%
Total liabilities and equity	2,791	2,647	2,590	+5.4%
Fixed assets	112	121	133	-7.9%
Goodwill	1,478	1,429	1,426	+3.4%
Intangible assets	366	351	386	+4.3%
Cash and equivalents	119	99.3	67.1	+20.3%
Receivables	338	328	324	+3.0%
Inventory	183	159	116	+15.4%
Other assets	195	160	138	+21.6%
Total assets	2,791	2,647	2,590	+5.4%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.